Definition of "Insured"
Party covered by an insurance policy. In life insurance policies there is one designated insured, the person so named; or a policy can be issued to numerous insureds on a group basis. The insured persons in property and casualty policies may also include residents of the insured's household, such as a spouse, relatives of either, and other individuals under their care, custody, and control if under age 21.
Popular Insurance Terms
Insured, or an applicant for insurance, with lower expectation of incurring a loss than the standard applicant. For example, an applicant for life insurance who does not smoke can usually ...
Record of ordinary policies that a combination agent is responsible for servicing. ...
Professional designation conferred by the American College. In addition to professional business experience in insurance planning and related areas, recipients must pass national ...
Reinsurance clause that stipulates that the reinsurer will be subject to the same fate as the ceding company. ...
Return of a prorated portion of premium after a policy is canceled by the insurer. Under most property and liability insurance policies, the insurer can cancel at any time but must return ...
Claim by the pension benefit guaranty corporation (PBGC) against an employer for reimbursement of the PBGC's loss (for a terminated plan) up to 30% of the net worth of the employer. If this ...
Losses representing claims not paid. ...
Home office underwriter who evaluates risk based on probability, statistics, and medical knowledge. ...
Arrangement in which a re insurer makes payments to an insurer whose losses exceed a predetermined retention level. Non proportional reinsurance is either facultative or automatic. ...
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